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Cost of asset (purchased 01/01/16) 100 000
Accumulated depreciation (31/12/19) (40 000)
Carrying amount 31/12/19 60 000
Expected useful life (straight line) 10 years
Net replacement value $90 000
Gross replacement value $150 000
It is company policy to revalue assets on the:
a) Net replacement value basis
b) Gross replacement basis
Required:
Question 1: Journalise the revaluation of the assets according to the two allowed alternatives in accordance with IAS 16
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